Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp, reported a blowout Q3, with its revenue and profits surging.
The company reported revenue of $34.1 billion and net income of $11.6 billion, up 23 percent and 164 percent year over year, respectively.
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Wall Street had been expecting revenue of $33.6 billion, EPS of $3.63, and 2.07 billion daily active Facebook users.
The company also reported strong growth in both advertising and daily active users, with Facebook DAUs hitting 2.09 billion and 3.14 billion people some product in the corporate family. Advertising revenue was $33.6 billion. The company also underwent significant layoffs this year, with Meta saying that it had reduced its headcount by 24 percent.
“We had a good quarter for our community and business,” said Mark Zuckerberg, Meta founder and CEO. “I’m proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio.”
Meta also said that it expects Q4 revenue to be in the $36.5 billion-$40 billion range, and that it expects to have increased expenses in 2024. “For Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and our investments to further scale our ecosystem,” the company added.
And Meta also warned investors about the “increasing legal and regulatory headwinds” in the U.S. and Europe.
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